US President Donald Trump said Chinese leader Xi Jinping has agreed to restart the flow of crucial rare earth materials, after announcing a new round of US-China trade talks will be held in London on Monday.

China refines over 92% of the world's rare earth minerals, while mining 60% of the same, asserting a global dominance in the rare earth minerals and magnets front. Check why rare earths are important for the Chinese economy.

In a rare high-stakes phone conversation on June 5, Trump and Chinese President Xi Jinping discussed the ongoing trade standoff and reached what Trump called a 'very productive' agreement on the flow of rare earth materials.